Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

“The man of system … seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard. He does not consider that the pieces upon the chessboard have no other principle of motion that which the hand impresses upon them; but that, in the great chessboard of human society, every single piece has a principle of motion of its own, altogether different from that which the legislation might choose to impress upon it” (Adam Smith in Hayek 1973:35).

“(…) stumble upon establishments, which are indeed the result of human action, but not the execution of any human design” (Ferguson 1767).

“By tracing the combined effects of individual actions, we discover that many of the institutions on which human achievements rest have arisen and functioning without a designing and directing mind “(Hayek 1948:6-7).

Ferguson, A. (1966 [1767]: 122): An Essay of the History of Civil Society, new ed. Edinburgh University Press. & Hayek, F. A. (1948): Individualism: True and false in Individual and economic order. University of Chigago Press.

Spontaneous order in the interactions of the members of society is something to which everyone contributes, from everyone benefits, which everyone normally takes for granted, but which individuals rarely understand” (Witt 1997:52).

Yet there’s is no CEO in Silicon Valley Inc., and no investment committee making resource allocation decision. No central authority decides how much to invest in nanotechnology, biotech, or the mobile web (Hamel 2007:160).